Following the $8.5 million purchase of 241-249 Danbury Road in Wilton, the New Canaan-based industrial real estate firm Cambridge Hanover intends to develop the space into a 55,000-square-foot medical center to be known as the Wilton Wellness Center.
The 6-acre site of the development was previously owned under a long-term lease by the Stop & Shop Supermarket Co. and subleased at various times as the corporate headquarters for Home Equity and Bran Blau.
Cambridge Hanover was represented by Avison Young, a commercial real estate services firm headquartered in Toronto. Avison Young principal Sean P. McDonnell and principal and managing director for the company’s Fairfield and Westchester territory Sean M. Cahill represented Cambridge in the sale of the property, which they said had been vacant for years and is well positioned to meet demand for medical office space.
“Wilton has a severe lack of medical services right now,” said McDonnell. “Demographics have shifted, with an increase in children using the numerous recreational fields all around town. That’s a lot of potential bumps, bruises and sprains that can be better addressed in a local urgent care or medical office group setting than in an emergency room with unpredictable waiting times.”
Cahill noted that the closest hospitals to Wilton, Norwalk and Danbury Hospitals, are more than 20 minutes away.
“There is tremendous pent-up demand for this type of product and we already have commitments for more than half of the new space,” said McDonnell. “We expect this property to lease-up very quickly.”
Construction on the initial 40,000-square-foot building will begin this month and is expected to be completed by August 2017, according to Avison Young.
The developer also has approval for a second structure on the site of up to 15,000 square feet. Initial plans call for a combination of medical and retail space to compliment patient needs and those of residents.
The exact size and make-up of the tenant roster of the second building will be determined by market demands, according to Avison Young.